Trend Alert: Millennials & Zoomers Are Shacking Up With Their Parents

Someone call Sarah Jessica Parker. 👩🏼👜 It feels like we're in a massive reboot of Failure to Launch! 🚨 We joke, but there sure are a lot of 30-somethings living with mom and dad these days. The pandemic forced a lot of young adults to move back home with their parents, and 67% of them are still there. 🏡

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So what gives? Is it all the extra hugs and home cooked meals? Turns out there's way more to the story.

Here’s Five Fast Facts on the current living-with-your-parents trend:

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1. 🐦 Not So Empty Nest - Families say financial struggles are the number one reason for the kids coming back to the nest. Specifically, skyrocketing student debt and housing costs. In some cases, young adults also move back in to care for elderly parents.

2. 💸 Thanks, Mom - When two or more generations share a home, research shows parents foot most of the bill. The average 25-34-year-old in a multigenerational household only contributes about 22% of the total household income.

3. 🏘️ Landlord Free Zone - Many young adults are living at home rent-free. According to one survey, 38% of millennials are being charged at least some rent. 48% of that group says their rent is $500 or less.

4. 📈 High Times - Mortgage rates have hit a high of 7.1% and they're expected to keep climbing. 44% of millennial renters can't afford a house unless rates are 3.5% or less. 

5. 🍦 Salary Scoop - 22% of Millennial and Gen Z basement dwellers make more than $40,000 a year. Many report their incomes aren't enough to cover living expenses.

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🔥Bottom line: Hey, there's no shame in having to move back in with your folks if they can help. It's also been reported that having young adults back in the house hedges financial hardship should one person lose their job. Multigenerational living isn't a new phenomenon and many cultures have embraced it for centuries. That being said, if you're plotting your escape, check out this article to help you make some moves. 

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Are you currently shacking up with your parents?

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